ICC rules probed at key seminar

Manama, December 6, 2010

More than 80 delegates from banks, businesses and the public sector took part in an International Chamber of Commerce (ICC) seminar on new rules covering guarantees for international trade, in Bahrain.

Details of the rules, which will make trade easier for businesses, were outlined by ICC Task Force on Guarantees banking commissioner Mohammad Burjaq.

'These new rules cover the process of trade worldwide and introduce uniform rules that cover contracts across the world,' he said.

'They are extremely important in avoiding complications in cross-border agreements on business and override previous guarantee cash collateral agreements.

'More than 80 countries, including Bahrain and the UAE, were involved in drawing up these new guidelines, which will cover trade from as far afield as Asia and the US and they have already been adopted by more than 120 countries. They will make trade easier because they guarantee all international contracts with binding agreements that are acceptable to both parties.

'Ultimately, this will help build trade,' he said.

'This conference is extremely important because it helps bankers and businesses understand the new uniform rules for demand guarantees, which now standardise agreements on a global scale,' said ICC Bahrain vice-chairman Adnan Bseisu.

'These rules are extremely important in balancing the interests of both parties in any cross-border business.'-TradeArabia News Service